u/parth_5649

Seen the same pattern come up enough times that it feels worth posting.

Buyer has capital, knows roughly what they want, has been looking for 3, 4, sometimes 6 months. Reviewed hundreds of listings. Hasn't closed anything. Not because good deals don't exist but because the search itself is broken.

No real sourcing system. Too much time on platforms where everything is overpriced or already picked over. No one to gut check whether a deal is actually worth pursuing. Just a buyer alone with a Flippa account and a spreadsheet.

I've been helping a few people work through this.

Running the sourcing side, qualifying deals before they waste time on calls that go nowhere, helping structure offers that don't fall apart at the LOI stage. Figured if it's useful for them it's probably useful for others here too.

Not a pitch. Just putting it out there.

If you're stuck in a search that isn't moving, or just starting out and want to avoid the mistakes most first timers make, DM me.

Tell me what you're looking for, your rough budget, and how long you've been at it. Happy to talk through it.

The listings look similar. Both are software businesses, both have MRR, both get priced on revenue multiples. But the way they're built, the way they run, and the way they perform post acquisition are completely different. Buying one with the playbook for the other is one of the most common mistakes I see first time acquirers make.

What micro SaaS actually is

• Usually one or two person operation, often just the founder
• Built to solve a specific narrow problem, sometimes embarrassingly narrow
• Low overhead, no team, no sales process, often no support beyond a help doc
• Growth is organic or accidental, founder rarely knows why it grew
• The entire business lives in the founder's head and sometimes in spaghetti code

What bootstrapped SaaS actually is

• Small but real team, defined roles, some process behind the product
• Intentional growth, some form of sales or marketing that's repeatable
• Customer success exists even if it's informal
• Founder has thought about the business systematically, not just built and hoped
• There is something to hand over beyond a codebase and a Stripe account

Why the distinction matters for buyers

• A micro SaaS acquisition is really a talent and time acquisition. You are buying a problem to solve and a user base to retain. The business as it exists will not run itself.
• A bootstrapped SaaS acquisition is closer to buying a real operating business. There are systems, even imperfect ones, that survive the founder's exit.
• Valuing both on the same ARR multiple makes no sense. The risk profile is completely different.
• Post acquisition micro SaaS almost always requires the buyer to be an operator. Bootstrapped SaaS gives you more room to be an owner.

The question to ask before you make an offer

What does this business look like 90 days after the founder leaves?

For micro SaaS the honest answer is usually "significantly worse until someone fills the gap." For bootstrapped SaaS the answer should be "mostly the same with some transition friction."

If you're not prepared to be the person who fills that gap, micro SaaS is the wrong category regardless of the multiple.

Which category have you bought and did it match what you expected going in?

My client has capital ready and is looking to move fast on the right deal. Not browsing, not building a pipeline for later. Actively looking to close something in the next 60 to 90 days.

What they're looking for

• SaaS, productized service, or online business
• Minimum $2K MRR, no upper limit if the business is clean
• Profitable or near profitable, not looking for a turnaround project
• Owner willing to do a reasonable transition period post close
• Doesn't need to be listed anywhere, off market is preferred

What you can expect from the process

• First call is 20 minutes, no pressure, just to understand the business
• If there's a fit, we move to a simple NDA and basic financials
• No endless diligence cycles, no retrading at the LOI stage
• Straightforward offer based on real numbers, not a lowball to start a negotiation

Who this is for

Founders who are tired, ready to move on, or just curious about what their business is worth. You don't need to have made a decision yet. If you've been thinking about it, that's enough to have a conversation.

DM me with a one line description of your business and your MRR. Everything else we can cover on a call.

My client has capital ready and is looking to move fast on the right deal. Not browsing, not building a pipeline for later. Actively looking to close something in the next 60 to 90 days.

What they're looking for

• SaaS, productized service, or online business
• Minimum $2K MRR, no upper limit if the business is clean
• Profitable or near profitable, not looking for a turnaround project
• Owner willing to do a reasonable transition period post close
• Doesn't need to be listed anywhere, off market is preferred

What you can expect from the process

• First call is 20 minutes, no pressure, just to understand the business
• If there's a fit, we move to a simple NDA and basic financials
• No endless diligence cycles, no retrading at the LOI stage
• Straightforward offer based on real numbers, not a lowball to start a negotiation

Who this is for

Founders who are tired, ready to move on, or just curious about what their business is worth. You don't need to have made a decision yet. If you've been thinking about it, that's enough to have a conversation.

DM me with a one line description of your business and your MRR. Everything else we can cover on a call.

My client has capital ready and is looking to move fast on the right deal. Not browsing, not building a pipeline for later. Actively looking to close something in the next 60 to 90 days.

What they're looking for

• SaaS, productized service, or online business
• Minimum $2K MRR, no upper limit if the business is clean
• Profitable or near profitable, not looking for a turnaround project
• Owner willing to do a reasonable transition period post close
• Doesn't need to be listed anywhere, off market is preferred

What you can expect from the process

• First call is 20 minutes, no pressure, just to understand the business
• If there's a fit, we move to a simple NDA and basic financials
• No endless diligence cycles, no retrading at the LOI stage
• Straightforward offer based on real numbers, not a lowball to start a negotiation

Who this is for

Founders who are tired, ready to move on, or just curious about what their business is worth. You don't need to have made a decision yet. If you've been thinking about it, that's enough to have a conversation.

DM me with a one line description of your business and your MRR. Everything else we can cover on a call.

My client has capital ready and is looking to move fast on the right deal. Not browsing, not building a pipeline for later. Actively looking to close something in the next 60 to 90 days.

What they're looking for

• SaaS, productized service, or online business
• Minimum $2K MRR, no upper limit if the business is clean
• Profitable or near profitable, not looking for a turnaround project
• Owner willing to do a reasonable transition period post close
• Doesn't need to be listed anywhere, off market is preferred
• mostly just micro SaaS

What you can expect from the process

• First call is 20 minutes, no pressure, just to understand the business
• If there's a fit, we move to a simple NDA and basic financials
• No endless diligence cycles, no retrading at the LOI stage
• Straightforward offer based on real numbers, not a lowball to start a negotiation

Who this is for

Founders who are tired, ready to move on, or just curious about what their business is worth. You don't need to have made a decision yet. If you've been thinking about it, that's enough to have a conversation.

coment with a one line description of your business and your MRR. Everything else we can cover on a call.

My client has capital ready and is looking to move fast on the right deal. Not browsing, not building a pipeline for later. Actively looking to close something in the next 60 to 90 days.

What they're looking for

• SaaS, productized service, or online business
• Minimum $2K MRR, no upper limit if the business is clean
• Profitable or near profitable, not looking for a turnaround project
• Owner willing to do a reasonable transition period post close
• Doesn't need to be listed anywhere, off market is preferred

What you can expect from the process

• First call is 20 minutes, no pressure, just to understand the business
• If there's a fit, we move to a simple NDA and basic financials
• No endless diligence cycles, no retrading at the LOI stage
• Straightforward offer based on real numbers, not a lowball to start a negotiation

Who this is for

Founders who are tired, ready to move on, or just curious about what their business is worth. You don't need to have made a decision yet. If you've been thinking about it, that's enough to have a conversation.

DM me with a one line description of your business and your MRR. Everything else we can cover on a call

My client has capital ready and is looking to move fast on the right deal. Not browsing, not building a pipeline for later. Actively looking to close something in the next 60 to 90 days.

What they're looking for

• SaaS, productized service, or online business
• Minimum $2K MRR, no upper limit if the business is clean
• Profitable or near profitable, not looking for a turnaround project
• Owner willing to do a reasonable transition period post close
• Doesn't need to be listed anywhere, off market is preferred

What you can expect from the process

• First call is 20 minutes, no pressure, just to understand the business
• If there's a fit, we move to a simple NDA and basic financials
• No endless diligence cycles, no retrading at the LOI stage
• Straightforward offer based on real numbers, not a lowball to start a negotiation

Who this is for

Founders who are tired, ready to move on, or just curious about what their business is worth. You don't need to have made a decision yet. If you've been thinking about it, that's enough to have a conversation.

DM me with a one line description of your business and your MRR. Everything else we can cover on a call

My client has capital ready and is looking to move fast on the right deal. Not browsing, not building a pipeline for later. Actively looking to close something in the next 60 to 90 days.

What they're looking for

• SaaS, productized service, or online business
• Minimum $2K MRR, no upper limit if the business is clean
• Profitable or near profitable, not looking for a turnaround project
• Owner willing to do a reasonable transition period post close
• Doesn't need to be listed anywhere, off market is preferred

What you can expect from the process

• First call is 20 minutes, no pressure, just to understand the business
• If there's a fit, we move to a simple NDA and basic financials
• No endless diligence cycles, no retrading at the LOI stage
• Straightforward offer based on real numbers, not a lowball to start a negotiation

Who this is for

Founders who are tired, ready to move on, or just curious about what their business is worth. You don't need to have made a decision yet. If you've been thinking about it, that's enough to have a conversation.

DM me with a one line description of your business and your MRR. Everything else we can cover on a call.

Asking prices in small business acquisitions are not valuations. They're anchors. A founder, a broker, or a combination of both picked a number based on comparable listings, peak revenue, and what they think the market will accept. That number has almost nothing to do with what the business is actually worth or what it will actually sell for.

Most buyers walk in treating it like a fixed point and negotiate from there. That's the wrong starting position.

Where asking prices come from

• Broker pulled comps from recent listings, not closed deals. Listed price and closed price are very different numbers.
• Founder anchored to their best month, their best year, or what they read on a forum about SaaS multiples in 2021
• The number was set high on purpose to leave room for negotiation, which means the seller already expects to come down
• In some cases the number is genuinely arbitrary, picked because it felt right and nobody pushed back on it

None of these produce a number grounded in what a buyer should actually pay.

How anchoring costs buyers

• They negotiate percentage discounts off the asking price instead of building their own model from scratch
• They walk away from deals where the ask is high without making an offer, assuming the seller won't move
• They anchor their own valuation to the listing number unconsciously, which means they overpay even when they negotiate
• They treat a price reduction as a win without asking whether the reduced number is still too high

How to actually approach it

• Build your own number before you look at the ask. Revenue, margins, churn, owner dependency, growth trajectory. What would you pay for this business if there was no listing price?
• Make offers based on your model not their anchor. A well reasoned offer at 60% of asking with clear logic behind it is a real conversation. A lowball without reasoning is just noise.
• Find out why they're selling before you engage on price. Motivated sellers move. Sellers who don't need to sell don't.
• The gap between ask and close is almost always larger than buyers expect. Most people don't make offers because they assume the seller won't budge. That assumption kills more deals than price ever does.

The listing price is information about the seller's psychology, not the value of the business. Treat it that way and you'll negotiate from a completely different position.

What's the biggest gap you've seen between asking price and what something actually closed at?

Common take in buyer circles is brokered deals are worse. Higher price, more process, less flexibility. Sometimes true. But the blanket assumption costs people good deals and the inverse assumption costs them in different ways. The reality depends entirely on what kind of broker you're dealing with.

When a broker actually costs you

• Junior brokers padding the listing price to justify their fee, with no real grounding in what the business is worth
• Brokers who've never run a real diligence process and slow everything down out of inexperience, not diligence
• Listings dressed up to sell fast rather than represent the business accurately, because the broker gets paid on close not on accuracy
• Process brokers who run a structured auction specifically to extract the highest price regardless of buyer quality or deal certainty

This is the version most buyers picture when they hear "broker involved" and walk away.

When a broker actually helps you

• Experienced brokers have already done the work of getting a founder emotionally ready to sell, which removes a huge amount of friction you'd otherwise deal with directly
• A good broker has already cleaned up the financials before you even see the listing, saving you weeks of back and forth
• They act as a buffer in tough conversations, which keeps the relationship with the founder intact through a difficult negotiation
• A broker with a real reputation has incentive to not blow up the deal on either side, because their next listing depends on it

The actual variable

It's not broker vs no broker. It's experienced operator vs inexperienced one, same as evaluating any other party in the deal. A 25 year old broker running their third deal behaves nothing like someone who's closed 200 small business transactions.

Ask how many deals they've closed in the last 12 months before deciding what kind of process you're walking into.

The no broker side has its own risk

Direct deals feel cleaner but founders without representation often don't know what fair process looks like. You end up doing informal hand holding through diligence that a broker would normally manage, and emotional decisions show up more often without a third party in between.

Neither side is automatically better. Both require reading who you're actually dealing with.

Has a broker ever made a deal smoother for you, or was it always friction?

The conventional wisdom is simple. More than 30% revenue from one customer, walk away. I've seen buyers drop good deals over this without actually understanding what the number means. Concentration is a risk factor, not a death sentence, and the difference between a disaster and a discount depends entirely on what's underneath it.

When concentration is actually dangerous

• Customer is on a month to month contract with no switching costs
• Revenue from that customer has been flat or declining
• Relationship lives entirely with the founder and doesn't survive the transition
• You have no visibility into their internal decision making or renewal process
• Losing them would take the business below breakeven

If all of these are true, the concentration is real risk. Price accordingly or walk.

When concentration is a buying opportunity

• Customer is deeply integrated, custom APIs, multiple departments using the product, high rebuild cost to switch
• They have renewed multiple times and accepted price increases
• The relationship is institutional not personal, meaning it survives a founder exit
• Revenue from that customer is growing not flat
• Losing them would hurt but not kill the business

This is not the same risk. This is a fear discount that other buyers are applying without doing the work.

The question to actually ask

Not "how concentrated is the revenue" but "what would it actually cost this customer to leave."

Switching costs are the real variable. Concentration without switching costs is dangerous. Concentration with deep switching costs is just a negotiating lever if you know how to use it.

The practical move

Before walking away from a concentrated deal, map the switching cost properly. Technical integration depth, user adoption across the org, historical renewal behavior, replacement cost. If the math says they're not leaving, the concentration discount is yours to keep.

The buyers avoiding these deals on principle are leaving money on the table for the ones willing to do the work.

Have you ever passed on a concentrated deal and regretted it, or bought one and had it blow up? What was the thing you missed?

Diligence checklists are everywhere. Revenue verification, legal review, customer contracts, employee agreements. All of it matters but almost none of it tells you whether the business will perform the same way once you own it. That's the question most buyers forget to ask.

What buyers over-index on

• Historical revenue — it's already happened, it's not happening again necessarily
• Clean books — important but a clean P&L doesn't tell you why the revenue exists or whether it continues
• Legal and IP — necessary but rarely the thing that kills a deal post close
• Technology stack — non-technical buyers spend weeks on this and still don't know what they're looking at

These things matter for protection. They don't tell you what the business looks like in month 13.

What actually predicts post close performance

• Why customers stay — not why they signed up, why they haven't left. These are different questions with very different answers.
• What the owner actually does every day — if you can't replace it or do it yourself the business is worth less than the multiple suggests
• Where the last 3 customers came from — if the seller can't answer this clearly the growth is not repeatable
• What has been deliberately not fixed — every business has known problems the owner stopped caring about. Find them before you close not after.
• Customer conversations — talk to at least 5 customers directly. What they say will be more useful than any financial model.

The shift in mindset

Diligence as most buyers do it is about verifying the past. What you actually need is confidence in the future. Those require completely different questions.

The stuff on the checklist protects you from getting lied to. The stuff above tells you whether you're buying a real business or just buying someone else's last three years.

What's the diligence question you wish you'd asked before closing?

Six months in, 200 listings reviewed, three LOIs that went nowhere. Sound familiar? This is the default search experience for most first time buyers and almost nobody talks about the actual cost of it.

A long search isn't just frustrating. It's expensive in ways that don't show up anywhere.

The hidden costs nobody accounts for

• Every month you're searching is a month you're not generating returns on your capital
• Decision fatigue is real. By listing 150 you are a worse evaluator than you were at listing 10. You start seeing deals differently, lowering bars in some places, raising them irrationally in others
• The best deals move fast. A buyer who's been searching for 8 months and still hasn't closed is sending a signal to sellers whether they mean to or not
• Your criteria drifts. What you were looking for in month one is rarely what you're looking for in month six and usually not for good reasons

Where searches go wrong

• Too broad at the start. "Profitable online business under $500K" is not a criteria, it's a wishlist
• Over-relying on platforms where the good inventory is already picked over by the time you see it
• Spending equal time on every lead instead of qualifying hard and fast upfront
• Treating the search as a part time activity while expecting full time results

What actually shortens a search

• Narrow your criteria to the point where it feels uncomfortably specific. That's usually when it's right.
• Get to no faster. Most leads are not deals. The sooner you know that the better.
• Go off-market early. The best businesses aren't listed anywhere.
• Track everything. A search with no system is just browsing.

The buyers closing deals in 90 days aren't luckier than the ones still searching at month eight. They just built a better process from day one.

What's the thing that was slowing your search down that you only figured out later?

The acquisition is done. You've signed, wired the money, and now you're sitting in front of a business you just bought. This is where most first time buyers make the mistakes that cost them more than any diligence error would have.

The instinct is to start fixing things. Resist it.

The first 30 days — observe, don't touch

• Your job in the first month is to understand how the business actually runs, not how the seller said it runs
• Talk to every customer you can. Not to sell them on you, just to listen
• Sit in on every process, read every support ticket, go through every tool the team uses
• You will find things the seller didn't mention. Some will be problems, some will be opportunities. Don't react to either yet
• The worst thing you can do in month one is make a change that breaks something you didn't know was connected to something else

The one exception: if something is actively on fire, put it out. Everything else waits.

Days 30 to 60 — stabilize before you optimize

• By now you know where the bodies are buried. Prioritize ruthlessly.
• What is the single thing that if it broke would kill the business? Protect that first.
• Customer relationships, key integrations, the one person on the team who knows everything. These are your actual assets right now, not the product.
• This is also when churn risk is highest. Customers notice ownership changes even when you don't announce them. Reach out personally, be present, don't let them wonder what's happening.
• Hold off on any pricing changes, product pivots, or rebranding. None of that is urgent and all of it can wait.

Days 60 to 90 — now you can start building

• You've seen enough to know what's real and what was noise
• Pick one thing to improve, do it properly, and ship it. One thing.
• This builds your confidence, shows the team you're competent, and gives customers a reason to feel good about the transition
• Document everything as you go. The seller's knowledge is leaving the building whether you've captured it or not.

The mistake most buyers make

They close the deal and immediately start optimizing for the business they wanted to buy instead of understanding the business they actually bought. Those two things are rarely the same.

The founders who retain value post acquisition are the ones who spent the first 90 days learning before they started leading.

What's the first thing you changed after closing and do you wish you'd waited?

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Forget the P&L for a second. How a seller behaves in diligence tells you more than any spreadsheet.**

Numbers can be cleaned up. Metrics can be framed. A good broker can make a mediocre business look compelling on paper. What's harder to fake is how a founder acts when you start asking real questions.

I've started paying as much attention to seller behavior during diligence as I do to the financials. The two tell very different stories sometimes.

The signals that actually matter

1. How fast they respond

- A motivated, clean seller responds quickly because they have nothing to hide and want to close

- Delays on document requests are almost never about being busy

- If it takes 5 days to get a bank statement they've had for years, ask yourself why

- The pace of diligence usually mirrors the pace of the business itself

2. What they volunteer vs what they wait to be asked

- Clean sellers bring up problems before you find them

- They'll tell you about the customer who churned last quarter, the refund they issued, the month revenue dipped

- Sellers who only answer exactly what's asked and nothing more are managing your perception

- The stuff they don't mention unprompted is usually the stuff that matters most

3. How they handle pushback

- Ask a tough question about a revenue dip or a churn spike and watch what happens

- A confident seller with a clean business explains it clearly and moves on

- A defensive seller turns it into a negotiation about whether the question is even fair

- Defensiveness in diligence almost always means there's something worth being defensive about

4. Whether their story stays consistent

- Listen to how they describe the business across multiple conversations

- The numbers they lead with, the customers they reference, the reasons they give for selling

- Inconsistencies don't always mean dishonesty but they always mean something

- A founder who genuinely built something can talk about it the same way every time

What this looks like in practice

The best diligence conversation I've heard about was with a seller who, unprompted, walked the buyer through every customer complaint from the last 12 months, explained which ones were valid, and showed what he'd done about each one. Deal closed fast and clean.

The worst ones usually start with a seller who's got an answer ready for everything before you've even finished the question.

Behavior is data. Most buyers aren't treating it that way.

For anyone who's been through a messy diligence process, what was the signal you missed early that you wish you'd caught?

​

The highest offer rarely wins. Here's what actually closes deals.

Spent enough time on both sides of small business acquisitions to notice something that doesn't get talked about enough. The buyer who comes in with the biggest number on paper loses more often than you'd expect. And the ones closing consistently aren't necessarily paying more. They're just structuring better.

Here's what sellers actually care about when it comes down to it.

What sellers say they want vs what they actually want

- They say they want the highest price

- What they actually want is certainty that the deal closes

- A $500K offer with clean structure and a credible buyer beats a $600K offer from someone who's going to retrade them in diligence every single time

- Most sellers have already been burned by a buyer who got cold feet, asked for a price cut at the LOI stage, or dragged diligence out for 4 months and walked

By the time they're talking to you they're not just evaluating your number. They're evaluating whether you're going to waste their next 90 days.

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Three things that move sellers more than price

1. Speed and simplicity

- A clean LOI with a short diligence window signals you know what you're doing

- Sellers who've been through a process before can smell an inexperienced buyer from the first call

- The faster you can get to close without drama, the more attractive you are regardless of price

2. Certainty of funds

- Vague language about "financing lined up" kills deals quietly

- Sellers want to know the money exists, not that you're working on it

- Proof of funds or a clear funding structure early in the conversation separates you from 80% of inquiries they're getting

3. What happens to the business after close

- Founders who built something care about what comes next even if they won't admit it

- If you can articulate a credible plan for the business it builds trust in a way that a higher number doesn't

- This matters especially for founder-led businesses where the team and customers have relationships with the seller

The practical implication

If you're losing deals to higher offers, the problem probably isn't your price. It's that you haven't given the seller enough reasons to trust that you'll actually close.

Come in clean, move fast, show your funding, and tell them what you're going to do with the thing they spent years building. That combination closes more deals than throwing a bigger number at the problem.

Curious what others have seen. Has structure ever won you a deal over a higher competing offer, and what was the thing that actually tipped it?

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Something I keep running into on listings. Seller has a number in their head, usually ARR based, probably something a broker told them or a comp they saw on Flippa two years ago. Buyer has a completely different model running in the background. Neither side puts it on the table early and it wastes everyone's time.

​

Here's what actually shifted since the peak.

​

What 2021/2022 looked like

​

- 5x to 6x ARR multiples without much pushback

- Growth was the only metric anyone underwrote on

- Cheap money everywhere, buyers scared of missing out

​

That era is done. Sellers are still showing up with 2022 comps.

​

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What buyers are actually looking at now

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1. Rule of 40 comes before revenue**

- A business growing 40% with negative margins scores a 30

- A business growing 20% with 25% margins scores a 45

- The second one gets the better multiple, every time

- Sellers who lead with top line growth without touching margin are signaling they don't understand how their business is being priced

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2. NRR matters more than new customer growth**

- Are existing customers expanding or leaving?

- 110% NRR with flat new customer growth beats 30% new customer growth with 85% NRR

- Buyers model the floor. Sellers pitch the ceiling.

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3. Owner dependency is a silent multiple killer**

- Founder on every customer call? Discount.

- Founder wrote all the code and handles support personally? Discount.

- If the business stops when the founder stops, that's not a business. That's a job with recurring revenue stapled to it.

- Most sellers don't see this coming until the LOI lands

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The bottom line

​

Sellers are anchored to ARR multiples from a market that no longer exists. Buyers are underwriting on Rule of 40, NRR, churn cohorts, and owner dependency. The spread between those two worldviews is where deals die or close at a number the seller didn't expect.

​

The market repriced. The listings didn't get the memo.

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For anyone who's been at the table recently, what's the metric that's actually moved the valuation conversation the most?

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Spent the last few months going deep on deal flow and one thing keeps standing out. The buyers closing good deals aren't better negotiators or doing tighter diligence. They're just fishing in a different pond.

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Here's what the on-platform reality looks like:

- Multiples sitting at 3.5x to 5x ARR because every buyer sees the same listing

- Sellers who've been on Flippa for 60 days and are now anchored to a number a broker told them

- You're the 47th person to send an intro message this week

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Off-market looks completely different:

- Realistic multiples of 1.5x to 2.5x because there's no reference point

- Founders who haven't mentally "decided to sell" yet, which means no ego attached to the price

- Actual conversations instead of a structured process designed to extract maximum value from you

​

That 80% customer concentration deal someone posted about last week? Never makes it onto a platform. Seller lists at 3x, gets 20 inquiries, convinces himself he underpriced it.

​

**The inventory isn't the problem. The access is.**

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What's actually worked from what I've seen on off-market sourcing:

1. Finding founders where something has quietly gone flat, updates slowed down, posting stopped, MRR plateaued for 6 months

2. Outreach that's specific enough that it doesn't read like a template

3. Playing a volume game but not a lazy one

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Curious what others are seeing. For anyone who's closed something off-market, where did the lead actually come from and what does your first contact to LOI conversion look like?